Golf club paying the price as ATO chases $278m debt

October 19, 2021
Emma Castle

Billionaire developer Phillip Dong Fang Lee and his wife Xiaobei Shi, owners of Terrey Hills Golf and Country Club, have fallen foul of the ATO.

The couple, who allegedly owe $278m across their whole portfolio of assets, will go to court on 3 December to dispute the claim.

The couple’s assets have been frozen while the case is being investigated, meaning that the Golf Club has gone into a financial holding pattern. This has members concerned that the course will be left to degrade while the owners are tied up in a lengthy court dispute over the tax office claims.

Terrey Hills Golf Club
Terrey Hills Golf Club.

The Club is also in the ATO firing line over accepting $700, 000 in JobKeeper benefits when it made a $2.9 million profit.

According to the SMH, the club’s latest financial report also shows that its revenue rose nearly two per cent in the 12 months to early this year, year-on-year, during which time the pandemic saw its operating expenses fall 8.35 per cent.


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